PSI Oklahoma Real Estate Practice Test

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Prepare for the PSI Oklahoma Real Estate Test. Use flashcards and multiple choice questions, each question with hints and explanations. Get ready for your exam!

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If a buyer signs a contract under duress, what is the status of that contract?

Fully enforceable
Null and void
Voidable by the buyer
Not legally binding

The correct answer is: Voidable by the buyer

When a buyer signs a contract under duress, the status of that contract is considered voidable by the buyer. This means that the buyer has the legal right to affirm or rescind the contract due to the circumstances under which they signed it. Duress involves undue pressure or threats that force a party to enter a contract against their will, which undermines the voluntary consent necessary for a legally binding agreement. In cases of duress, the law recognizes that the party who was coerced may not have truly agreed to the terms of the contract; therefore, they can decide to invalidate it. The buyer can choose to take action to void the contract if they wish, making it a critical aspect of contract law to protect individuals from being bound by agreements made under pressure. Understanding this principle helps reinforce the importance of voluntary consent in forming contracts, emphasizing that agreements made under such circumstances do not have the same legal standing as those made freely.